Bitcoin breaks $80K as crypto shorts lose $378M in one hour

Bitcoin has climbed back above $80,000 on Nov. 4 as short liquidations across the cryptocurrency market have reached $378 million in one hour, following several sessions of withdrawals from U.S. spot Bitcoin ETFs. Summary Crypto shorts worth $378.09 million were liquidated in one hour, accounting for 81% of forced closures. Bitcoin traded near $80,470, while Ethereum gained 6.1% over 24 hours to approximately $2,428. U.S. spot Bitcoin ETFs lost $1.16 billion across three sessions, according to Bitfinex. Bitfinex identified potential selling pressure around $84,000–$85,500 in its Nov. 2 assessment. According to CoinGlass, total liquidations reached $466.33 million over the hour captured in its dashboard, including $88.24 million in long positions alongside the much larger short wipeout. Crypto shorts lose $378.09 million in one hour | Source: CoinGlass Bitcoin traded around $80,470 during the rally, up 4.1% over 24 hours and recovering from the roughly $76,000 area seen during the recent decline. Ethereum moved faster, gaining approximately 5% within a couple of hours and bringing its daily advance to 6.1%. The move followed the U.S. midterm election period, when Bitcoin had struggl...